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General Enquiries

Below are some common questions, though if you’d rather call, we’re always happy to hear from you!

Loan Details

How Does a PiggyBank Payday Loan Work?

If you’ve had an unforeseen expense - from a broken washing machine to car repairs - and need an emergency loan, a PiggyBank payday loan is a short term cash solution.

With a payday loan from PiggyBank, you can borrow between £100 and £400, over up to 35 days. If you need a little more, over a longer period, you can borrow up to £1000 with an instalment loan.

The online application is short and simple, and we aim to have the money in your account 1 hour after approval.

How Does a PiggyBank Instalment Loan Work?

PiggyBank instalment loans are for emergency expenses - if your boiler breaks down, you can’t wait around to get it fixed. You can borrow between £150 and £1000, or £1500 for returning customers. You can take out a loan over 2 - 5 months, though you can choose to repay weekly, fortnightly or monthly, depending on your pay-date.

The application is 100% online, so you don’t need to worry about filling in paperwork. If approved, you’d expect to have the funds in your bank within an hour.

What’s the Interest Rate on a PiggyBank Loan?

Short term borrowing won’t be the cheapest loan option, but don’t be worried when you see that our Representative APR is 1270%. That doesn’t mean that you’ll be charged over 1000% in interest! With a short term loan, you’d never pay back more than double what you borrow, and it’s usually much less.

Our fixed interest is 0.8% per day - so if you borrow £100 over 14 days, you’d be paying £11.20 in interest, and £111.20 in total. This makes us one of the most competitive short term lenders on the market.

Just remember that a PiggyBank loan is meant for short term expenses - we would never wish for you to get yourself into financial difficulty by using this form of borrowing as a long term financial solution.

How Much Can I Borrow From PiggyBank?

At PiggyBank, we’re flexible - you can borrow the amount you need, and we won’t try to tempt you to take out a larger loan so you’ll pay more in interest.

You can borrow between £100 and £1000 the first time you come to PiggyBank, and if you have another unexpected expense after you’ve paid off your first loan, you may be eligible for up to £1500.

Once you’ve been accepted, we don’t currently offer top-ups, so it’s a good idea to make sure you apply for the amount you need.

Can I Borrow From PiggyBank More Than Once?

Yes you can! As soon as you’ve paid back your existing loan, you can apply for another loan with PiggyBank. It’s just important to remember that a PiggyBank loan is meant as a short term solution, and if you’re in long term financial difficulty, taking out more loans is not a good idea.

If you think you may need help and advice with your finances, you can contact Step Change or the Citizens Advice Bureau for free impartial advice.

If you are looking to take out another loan with PiggyBank, it’s important to note that your new application would be subject to all our usual checks and procedures. This is to make sure that we are lending responsibly, and doing what’s best for our customers.

APR

What is APR?

APR stands for Annual Percentage Rate - it’s the interest rate you’d pay if you took out a loan for over a year. It was created for long term loans like credit cards or mortgages, not short term loans.

Some people get worried when they see that we have an APR of 1270%, but it doesn’t mean that you’d be paying over 1000 times what you borrow. Our interest is actually a fixed rate of 0.8% per day.

All short term lenders have a legal requirement to let you know their APR. They can also never ask you to pay more than twice what you borrow. If you’d like more information, you can read more about APR here.

How Do I Work Out My PiggyBank APR?

You don’t have to - we’ll let you know the interest as soon as you tell us the amount you want to borrow and for how long! We want to be completely honest and transparent from the start, so you don’t have to worry about any hidden costs.

Our interest is a fixed rate of 0.8% per day. To give you an example, if you’re looking to borrow £150 over a week, you’d be paying £8.40 in interest, and £158.40 in total.

It’s important to remember that even though our rates are competitive, you shouldn’t take out short term credit for long term financial problems. You could end up borrowing more and more, ending up in a debt spiral. If you’d like to discuss your finances with an independent third party, you can contact companies like Step Change or the Citizens Advice Bureau for free.

Credit Score

What Type of Credit Checks Do You Carry Out?

As a responsible lender, we conduct identity and credit checks when someone applies for a loan with us. Your credit file isn’t the only thing our underwriters look at when making a loan decision though - we’ll also take into consideration things like your income and expenditure.

When it comes to checks, we just want to make sure that we’re lending responsibly, and only lending to those who can afford to make the repayments.

What is My Credit Score?

Your credit score is a number, or ‘score’,based on your credit and financial history. It will be based on things like how many different bank accounts you’ve got, your bill and loan repayment history, and any contracts and Direct Debits you have, such as credit cards and mobile contracts and whether you pay them on time or late.

Lenders like PiggyBank will look at your credit score when making a loan decision. If you’re not sure what your score is like, you can find out for free through Noddle.

Can You Still Get a PiggyBank Loan With a Bad Credit History?

We understand that nobody’s credit file is perfect, and look at every application on an individual basis. You may be eligible for a PiggyBank loan even if you have a fairly low credit score - the most important thing is that we’re lending responsibly. If you can’t afford a PiggyBank loan, we won’t lend to you.

We look at your more recent history when it comes to credit checks - your current income and expenditure are more relevant than a late payment you might have made years ago! We do a full credit check, but also assess your affordability.

Bear in mind though, as responsible lenders, if you are currently on a debt management plan, have been declared bankrupt in the past year or have more than one CCJ, you may not be approved for a short term loan with PiggyBank.

Continuous Payment Authority

What is Continuous Payment Authority or CPA?

The Continuous Payment Authority (CPA) is what we use to collect repayments. It’s like a Direct Debit, but it allows a business to collect money from a customer’s account without having to seek repeat authorisation.

You can cancel your CPA at any time, and instead choose to pay via bank transfer or standing order. For more information on CPA, you can find this in your Loan Agreement, or by clicking here.

E-Mails

How Do I Unsubscribe From Emails?

If you have a loan with PiggyBank, most of the information we send relates to your loan or repayments and we’re required by law to send this to you. That’s why we don’t give you the option to unsubscribe from these emails.

If you don’t have a loan with us and are receiving marketing emails, and don’t want to get these any more, there’s an unsubscribe link at the bottom of each email.

If you’ve received any emails that you’re not completely happy with, or just have some feedback, we’d love to hear from you.

Haven't found the answer you were looking for? Send us a message!